Home Buying in Jacksonville>Question Details

bethgillespi…, Home Buyer in Saint Augustine, FL

Who will do a mortgage with a experian 536, and equifax 554?

Asked by bethgillespiestitt, Saint Augustine, FL Tue Apr 16, 2013

Have medical collections ect. just recently made payment arrangement with the hospitals.. can get a verification letter of that from hospitals.. Rented same home $450 mth for past three yrs. on time ect. Have two open lines in good standing. Monthly income can be verified of $3000 per month. Husband has same credit because of joint account on medical bills.

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4
Adam Silk’s answer
You might actually be closer than you think. Sometimes there are really simple, cheap things you can do to bring your scores up. Hard to say without looking at the whole picture though. I work with people in your situation all the time. I usually refer them to a mortgage broker I work with who is also a FICO certified credit expert. If you want to shoot me an email, I'll put you guys in touch.
0 votes Thank Flag Link Wed Apr 17, 2013
Hi Beth,

No one will do a mortgage with those credit scores. You probably need to get those scores up 100 points or so to be in the ballpark.

Lenders will want to see middle credit scores for all borrowers at least 640 and no late payments in the last 12 months.

Banks won't necessarily require the medical bills to be paid in full, but without doing that your credit scores will probably continue to be low. You should focus on getting those paid off as quickly as possible and above all else make sure you don't have ANY late or missed payments in the meantime. With scores that low a single late payment can set you all the way back to square one.

If you need help in getting your scores up you can speak to a HUD approved housing counselor for free http://(www.hud.gov) or there are a number of companies who deal in assisting you for a fee. Just make sure you do your due diligence on any of those companies before you work with them.

Best of luck!
Tony
0 votes Thank Flag Link Tue Apr 16, 2013
Actually i found a few that will do mortgages with those credit scores, just not with judgements on your credit report, that are not in good standing. You can get approved by Mortgage World Home Loans LLC. but cannot have judgements
Flag Tue Apr 16, 2013
Looks like you need just a little more work and time. I do have a lender that will do a 580. My suggestion is to give the collections time to update once they are paid off. Your almost there. Any other questions you may call me @ 904-505-5083 are email LeneePurdyRealtor@yahoo.com. Good luck
0 votes Thank Flag Link Tue Apr 16, 2013
Consider improving your credit and saving additional money before considering a purchase; most lenders prefer a credit score of 640; see link below for possible helpful information regarding improving credit scores.
http://www.myfico.com/crediteducation/improveyourscore.aspx
0 votes Thank Flag Link Tue Apr 16, 2013
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